State Street to Administer VanEck's Bitcoin ETF

VanEck's proposed bitcoin Exchange-Traded Fund (ETF) is awaiting approval from the U.S. Securities and Exchange Commission (SEC). On Tuesday, State Street announced its appointment as the fund administrator and transfer agent for this innovative financial product. In its new role, State Street will manage essential back-office operations for the fund and its investors. "We are pleased to continue expanding our relationship with VanEck to support their innovative advancements in the ETF market; including the VanEck Bitcoin Trust," said Nadine Chakar, head of State Street Global Markets. VanEck submitted its latest bitcoin ETF application in December, following a previous withdrawal in 2019. There is increasing speculation that the SEC may soon approve a bitcoin ETF, especially in light of successful launches in Canada. Recently, market operator Cboe officially initiated the approval process with the SEC by submitting the necessary paperwork. "Our filing builds on VanEck’s earlier S-1 submission from December 30 and represents the next steps in potentially launching the first U.S. bitcoin ETF into the market," commented a spokesperson from Cboe to The Block.